Bitcoin miner reserves fall to lowest level in 14 years

According to IntoTheBlock's head of research, Lucas Autumuro, due to the effects of the halving, miners will hold fewer bitcoins over time.

“Historically, this has happened at a relatively slow pace because there hasn't been much selling pressure,” Autumuro said.

After the April halving, the Bitcoin mining reward decreased from 6.25 BTC to 3.125 BTC. Despite the reduction in rewards, the fiat value of the bitcoins miners hold has nearly reached a record high of $135 billion.

“It turns out that now it is normal to have fewer bitcoins, given the phase of the market we are in,” said Sascha Grumbach, CEO of the mining company Green Mining DAO.

He believes miners are currently more focused on “short-term financial stability” in an effort to reduce Bitcoin mining costs, rather than “long-term, large-scale accumulation of a leading asset.”